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Home Equity

When property changes hand due to the death of the owner, there is plenty of paperwork involved. The trustee or executor needs to value the assets to determine if estate tax is due. Heirs may want to sell the property or use it as collateral for a loan, and you will need to ...

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Claiming a homestead exemption can provide property owners with an opportunity to save money on their property taxes. In the event of unfortunate financial circumstances, such as bankruptcy, these exemptions can also protect your property from repossession.

Revocable trusts can be worthwhile estate planning options, but protecting your real property against creditors or lawsuits usually isn't one of their advantages. Unlike with an irrevocable trust, you retain control over the assets you place in a revocable trust, and you can ...

Home equity is a financial asset you can use to raise money. Equity is the difference between your first-mortgage balance and the market value of your house. If you had a $150,000 mortgage balance on a house with a $300,000 market value, you would have $150,000 in equity. You ...

One of the many benefits of home ownership includes earning equity value over time, and you can tap into that equity with a second mortgage loan. Many homeowners choose to take out a mortgage against their equity to finance the purchase of other items or pay for home ...

Many home equity lines of credit are split into two phases: the draw phase and the repayment phase. Typically, the draw phase lasts for 5 to 10 years, during which you can tap your HELOC, and your only obligation is to pay the interest that accrues each month. But, once that ...

Seniors with equity built up in their homes can take advantage of the reverse annuity mortgage to get a home equity loan and use the funds to purchase a payout annuity and generate additional retirement income. The program has quickly become popular among people at or near ...

Refinancing your home equity loan -- also called a second mortgage -- can lower your interest rate and monthly payments and provide extra cash. Balloon loans normally have smaller monthly payments than traditional mortgages but require a large lump-sum payment at the end. If you ...

Home equity loans allow you to tap into the equity you've built in your home, whether the equity comes from paying down your mortgage or because your home has appreciated in value. When lenders calculate the loan-to-value ratio for a home equity loan, they take into account the ...

For the average person, your home may be your biggest single investment and one of your largest opportunities to gain wealth. Your home equity can be tapped in retirement, either through reverse mortgages or through the sale of your home. It makes sense to maximize the equity in ...

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